Direct Materials and Direct Labor Variance Analysis

Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has $60$ employees. Each employee presently provides $36$ hours of labor per week. Information about a production week is as follows:

Standard wage per hr$.$ $$15\mathrm{.}00$

Standard labor time per faucet $10$ min.

Standard number of lb$.$ of brass $2\mathrm{.}10$ lb$.$

Standard price per lb$.$ of brass $$13\mathrm{.}00$

Actual price per lb$.$ of brass $$13\mathrm{.}25$

Actual lb$.$ of brass used during the week $17,500$ lb$.$

Number of faucets produced during the week $8,100$

Actual wage per hr$.$ $$15\mathrm{.}50$

Actual hrs$.$ for the week $2,160$ hrs$.$

Required:

a$.$ Determine the standard cost per unit for direct materials and direct labor. Do not round your intermediate calculations and round the cost per unit to two decimal places.

Direct materials standard cost per unit $fill in the blank $1$

Direct labor standard cost per unit fill in the blank $2$

Total standard cost per unit $fill in the blank $3$

b$.$ Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Do not round your intermediate calculations and round your final answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Direct materials price variance $fill in the blank $4$

Direct materials quantity variance fill in the blank $6$

Total direct materials cost variance $fill in the blank $8$

c$.$ Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Do not round your intermediate calculations and round your final answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Direct labor rate variance $fill in the blank $10$

Direct labor time variance fill in the blank $12$

Total direct labor cost variance $fill in the blank $14$